Bowmore Announces Financing With Global Resources Investment Ltd.
February 11 2014 - 7:41PM
Marketwired
Bowmore Announces Financing With Global Resources Investment Ltd.
MONTREAL, QUEBEC--(Marketwired - Feb 11, 2014) - Bowmore
Explorations Ltd. (the "Company" or "Bowmore") (TSX-VENTURE:BOW)
(FRANKFURT:OB5) is pleased to announce that it has negotiated,
subject to regulatory approval, a financing (the "Financing")
through the London based investment group Global Resources
Investment Ltd. ("GRIL") pursuant to which Bowmore will acquire
518,246 ordinary shares (the "GRIT Shares") of Global Resources
Investment Trust Plc. ("GRIT"), an investment trust affiliated with
GRIL, valued at 1 British Pound per GRIT Share in exchange for
6,000,000 common shares of Bowmore (the "Bowmore Shares") valued at
$0.16 per Bowmore share. Bowmore will then endeavor to sell the
GRIT Shares to realize cash proceeds.
GRIL advises that it has established GRIT to exploit investment
opportunities in junior mining and natural resource sectors
worldwide, with an investment objective to generate medium and
long-term capital growth through investing in a diverse portfolio
of primarily small and mid-capitalization natural resource and
mining companies. GRIL has advised that GRIT is in the final stages
of having its ordinary shares admitted on the main market for
listed securities on the London Stock Exchange.
The proceeds from the Financing will be used for exploration
work on the Company's properties and for working capital. The
closing of the Financing is subject to a number of conditions
including the approval of the TSX Venture Exchange and GRIT
successfully listing on the London Stock Exchange. Finder's fees
representing 6% of the transaction value may be payable in cash or
GRIT shares, at the option of the Company and in accordance with
TSX Venture Exchange policies and subject to receipt of TSX Venture
Exchange approval. The Bowmore Shares will be subject to a standard
four month hold period.
About BOWMORE
BOWMORE is a Canadian exploration mining company focused on
precious metal exploration in Canada and Mexico. The Company trades
on the TSX Venture Exchange under the symbol "BOW".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements: Except for statements
of historical facts, all statements in this news release regarding,
without limitation, the Private Placement, new project
acquisitions, future plans and objectives are forward-looking
statements which involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions
actual results and future events could differ materially from those
anticipated in such statements. Factors that may cause the actual
results to differ materially from those in forward-looking
statements include precious metal prices, results of exploration
and development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, continued availability of capital and financing and
general economic, market or business conditions. The Company
cautions the foregoing list of important factors is not exhaustive.
Investors and others who base themselves on the Company's
forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk
they entail. Please see the public filings of the Company at
www.sedar.com.
Paul DumasPresident & CEOBOWMORE Exploration Ltd.(514)
861-4441info@bowmorexploration.comwww.bowmorexploration.comChristina
LalliCorporate CommunicationsBOWMORE Exploration Ltd.(514)
865-8223clalli@bowmorexploration.com
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